Doubt Greets Bank of Japan's Easing Shift

Analysts See Little to Hold Onto in 'Open-Ended' Pledge to End Deflation Through Asset Buys, Higher Inflation Target

By

Megumi Fujikawa,

Tatsuo Ito and

Takashi Nakamichi

Jan. 22, 2013 10:11 a.m. ET

TOKYO—Japan's new prime minister hailed as "epoch-making" a pledge he wrested from the central bank to more aggressively stimulate the economy. But markets, analysts and even some members of the Bank of Japan suggested the country was still far from turning the corner in its long fight against deflation.

The BOJ agreed Tuesday to an "open-ended" commitment to ending deflation through asset purchases and adopted...